What is a recast?
A recast allows you to lower your monthly mortgage payment by paying a lump sum towards your principal. Recasting allows you to keep the same rate and have the same terms while paying a lower amount every month.
When should a recast be used?
A recast is beneficial when interest rates are the same or higher than when you purchased and you have money to put towards your principal.
How is it different from refinancing?
Unlike refinancing, recasting allows you to keep the same rate and the same terms. Refinancing is most beneficial when rates are lower. As always, returning Stonehaven clients receive free refinancing for life. Take advantage of a recast today and a refinance when rates drop!
What is the process for recasting?
Utilizing a recast has no additional income documentation, no lengthy paperwork, and no penalties! Contact us today to see how you can get started!